In 2019 my wife and i entered into 2 IVA agreements, with the individual costs associated with these. In our first year we paid approx £1,600 into our IVA s, these payments were swallowed up in admin fees. approx £20 was paid off our IVA in its first year.
Our payments to our individual IVA's are calculated on our individual incomes our budget plan is calculated jointly.
When I asked for debt advice and agreed to apply for an IVA as this was our best option, I was not informed about a joint IVA or an interlocking IVA.
We understand nothing is free and enlisting the help of an IVA provider comes at a cost which you accept. However are the IVA providers having their cake and eating eat by charging my wife and I 2 sets of IVA administration fees, this effectively adds to your debt as the admin fees are added to your overall debt which you agree to pay over the 5 year term of the IVA.
I asked about having all our debt in one name, I would take on all the debt the IVA would be in my name.I was told we could not do this, the joint or interlocking IVAs were never mentioned we were not informed these were an option.
has our IVA provider acted ethically and within financial regulations.
There are no such things as joint IVA's - they would be interlocking. You would not be able to take on your wife's debts, her IVA will be her own as will yours. Myself and my husband had two separate accounts and paid separately each month even though we also had joint debts as well as our own individual ones. Our payments were based on how much we both earned and expenses were also looked at jointly. All payments to an IVA in the first year or so are fees due and then your creditors will start to receive dividends.
Which company are you using?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The fees for a couple of interlocking IVA's will be the same as two totally individual ones. There are still two proposals giving rise to two sets of nominees fees, two creditors meetings (such as they are) and supervisory fees are taken on each payment would be much the same as those taken on a combined payment.
The only tangible benefit to you would be making one payment (which would be the combined disposable income, so pretty much the same as the two pay,ments together that you currently make). A 'con' would be that, if one arrangement failed for any reason, the other would also fail.
BTW -- I have taken the liberty of removing your name from your post. We don't want too many identifying facts to be out in the public domain.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk